Indian equity indices ended largely unchanged on November 13th , after a choppy trading session marked by cautious sentiment. Market participants stayed on the sidelines ahead of the Bihar election outcome due Friday morning. Additionally, traders adopted a wait-and-watch approach ahead of the release of U.S. CPI data, which is expected to offer fresh cues on the Federal Reserve’s rate trajectory.

At close, the Sensex edged up 12.16 points, or 0.01%, to settle at 84,478.67, while the Nifty added 3.35 points, or 0.01%, to end at 25,879.15. Broader markets underperformed, with both the midcap and small-cap indices slipping around 0.35% each. Sectorally, a mixed trend was observed — IT, media, and PSU bank indices declined by about 0.5% each, whereas metal, pharma, and realty indices gained close to 0.5%, reflecting selective buying interest.

Nifty Outlook

Nifty formed a high wave candle on the daily chart with a higher high and a higher low signaling consolidation with positive bias amid elevated volatility ahead of the Bihar election outcome. Going ahead, the index to maintain positive bias while holding above Wednesday bullish gap area (25715-25780) and head towards 26,100 levels and then towards the all-time high of 26277 in the coming sessions. Key short-term support is placed at 25,300–25,400 levels which aligns with the 50-day EMA, the previous breakout level, and the 50% retracement of the earlier up move (24,587–26,104).

Bank Nifty Outlook

The index formed a bull candle with a higher high signaling continuation of the overall positive bias as the index rallied to a fresh all-time of 58615 on Thursday session. Bank Nifty continues to consolidate in the range of 57200-58600 for the fourth week in a row and is currently placed around the upper band of the range. Going ahead Bajaj Broking expect the index to break above the upper band of the consolidation range and head towards 59,000 levels in the coming sessions.

On the downside, the lower band of the consolidation range at 57,300–57,100, which coincides with the recent breakout zone and the 20-day EMA, is likely to act as a strong support area. Among the oscillators, the daily 14 periods RSI has recently generated a buy signal thus supports the overall positive bias in the index.

Also Read: India's Retail Inflation Fell to Record Low of 0.25% in Oct

Motilal Oswal Financial Services Ltd.

Nifty ended flat (+0.01%, +3 pts) on Thursday, after extending gains for three consecutive sessions, with profit booking in the last hour capping upside. With retail inflation easing, the approved exporters’ policy support package, and the corporate earnings season concluding on a positive note, the backdrop for equities remains supportive. Tomorrow’s session may see heightened volatility due to the Bihar election outcome.

Broader markets were subdued, with the Nifty Midcap100 & Smallcap100 slipping 0.4% each. Sectorally, the market witnessed a mixed trend—Nifty Pharma, Metals and Realty advanced ~0.4% each. On the other hand, Nifty PSU Bank declined 0.7%, while FMCG and Media fell ~0.5%. Macro sentiment was buoyant after retail inflation eased sharply to 0.25% in October, a record low and well below RBI’s target band. The steep moderation, driven by reductions in GST rates on ~380 mass-consumption items and softening food prices, strengthened expectations of a possible interest rate cut as early as the December MPC meeting. 

On the policy front, the Union Cabinet approved a ₹450.6bn support package for exporters, including ₹200 bn in credit guarantees for collateral-free bank loans and ₹250.6 bn over 6 years for trade finance, logistics and market-access support. The package aims to bolster competitiveness and mitigate the impact of recent U.S. tariff actions on Indian exports. Investors now await key U.S. macro releases—Core CPI and Initial Jobless Claims—scheduled for release later today.